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The United Kingdom's Brexit referendum has shaken equity and financial markets around the world.The fallout from Brexit probably won't spread as quickly as in outright financial crises, such as the 2008 financial meltdown or the 1997 and 1998 Asian episodes.The U.K.'s trade, finance and immigration arrangements are far too complex and entrenched to be renegotiated quickly. Even if there are no other "exit" moments elsewhere in Europe, a protracted period of uncertainty in global capital markets seems likely.After WWII, global integration finally began anew, first in trade and then, since the 1980s, in finance.Prior to the 2008-09 global financial crisis, most indicators of global trade and finance had reached new peaks, and European unification contributed significantly this.The global financial crisis dealt a significant blow to globalization, especially in terms of trade and finance.Financial markets do not handle uncertainty well.
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